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06 July 2012 at 13:01 BST

Global firms combine with locals on Asia's largest flotation

Two global law firms have combined to advise on Asia's largest ever flotation, the $3.2 billion initial public offering of Felda Global Ventures Holdings Berhad.

Needle Partners: no intention to work on Malaysian legal matters

Globally, the deal is second only to this year’s earlier share-offering for US-based social media web site Facebook, with London-based law firm Linklaters and New York’s Clearly Gottlieb taking the main roles in the Malaysian deal.

Top IPO destination

The magic circle firm advised the joint global co-ordinators and joint bookrunners on the deal, with the New Yorkers advising Felda alongside local Malaysian law firms Albar & Partners and Azmi & Associates, according to the web site, Asian Legal Business.  
Commentators maintain the deal consolidates Malaysia’s place as Asia’s top IPO destination this year.
FGVH is a branch of the Federal Land Development Authority, which provides land to the rural poor. In 2011, it was the third largest oil palm plantation operator in the world.

Testament to quality

Linklaters advised the joint global co-ordinators -- CIMB Investment Bank, Maybank Investment Bank and Morgan Stanley -- and the joint bookrunners, Deutsche Bank and JP Morgan Securities. Adnan Sundra & Low acted as Malaysian counsel.
Kevin Wong, a capital markets partner who co-led the Linklaters team, described the IPO as having ‘cemented Malaysia’s status as Asia’s top IPO destination of 2012’, acting as ‘a testament to both the quality of companies being listed and the resilience of the Malaysian equity market’.


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